DUBAI, UAE, 27 May 2020: Dubai-based Union Properties said one of its subsidiary companies, which it 100% owns, has initiated arbitration procedures to claim approximately AED 1.5 billion owed.

Making the announcement through a Press release, the company added that the claim is related to construction work for a significant project that was completed around 10 years ago.

Khalifa Al Hammadi, Group CEO, Union Properties, said the company’s Executive Management will not spare any effort in pursuit of the collection of the amount owed, and is taking the proper legal procedures, which are in the interests of the company’s shareholders.

Al Hammadi added that the company’s shareholders and the financial market will be regularly informed of the developments of the arbitration, in accordance with the laws, rules and regulations of the UAE, and provided with full disclosure and transparency.